Caliber Home Loans launches ARM product, home-financing web portal

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The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.

Caliber Home Loans has introduced a new adjustable-rate mortgage (ARM) product for homebuyers and a home financing web portal for residential home builders and real estate agents.

The 5/5 ARM, called Caliber 5-Start ARM, offers a lower initial interest rate with rate adjustments only once every five years. Caliber said borrowers who choose the product may benefit from an increased monthly cash flow and enhanced personal money management options.

The ARM product also features limited rate changes, with each adjustment limited to 2%. Adjustments can never increase more than 6% from the initial rate.

"We are delighted to offer loans for a wider range of buyers, including millennials and first-time buyers,” said John Bianchi, Caliber's executive vice president of retail lending. “The Caliber 5/5 ARM is a great solution for homebuyers who don't want to commit to a 30-year fixed-rate loan, but want a lower starter rate. We look forward to continuing to address the unique financing needs of homeowners across the country."

Additionally, Caliber is offering builders and agents with access to customer home financing details through MyPipelineConnect, a web portal designed in-house. Through the portal, users can immediately access real-time reports and view loan statuses, details, and contacts related to their borrower pipelines.

"Introducing MyPipelineConnect to our business associates was a natural progression," said Caroline Watteeuw, executive vice president and chief information officer. "Earlier this year, we introduced our digital Ultimate Home Buying Experience to consumers. With MyPipelineConnect, our builder and real estate associates will be more involved in our shared customers' loan process, which will improve the experience for everyone involved."